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1、FINANCIAL MANAGEMENT SKILL财务管理技能,议题-AGENDA,导言及基本概念 Introduction and Basic Concepts资产负债表-Balance Sheet 损益表-Profit&Loss现金流量表 Cash Flow Statement基本财务比率及报表评价 Basic Financial Ratios and Financial Statement Evaluation投资评价初步 Basic Investment Appraisal结束部分-Conclusion,Introduction and Basic Concepts,导言及基本概念
2、Introduction and Basic ConceptsIntroductionFinance OrganizationFinance ActivityOther topics,This training will allow you to understand：Finance FunctionConcept of Financial KPIs(Revenue,DM,DL,VOH,FOH,SG&A,OI,OCF,EBITDA,DOH,DSO,DPO,Incremental,etc.)BS,P&L and Cash Flow StatementsConcepts of Financial
3、Statement Evaluation and Investment Appraisal,Introduction and Basic Concepts,Minimize Working Capital Maintain Strong Cash Flow,Pay Debts As They Are Due Increase Liquidity,Maintain Strong Financial Position,Increased Return On Investment Reduced Costs,Increased Sales Increased Growth Rate,Generate
4、 Income And Profit,Current Profit Increase Current Profit IncreaseIncrease Of Return On Investment Increase LiquidityMinimizing Capital Expenditures Meeting The Day-to-day Business Needs,Versus Versus Versus VersusWhile While,Current Sales Increase Sales GrowthSales GrowthCurrent Profit IncreaseGrow
5、ing The Business Reducing Costs,“If we cannot measure,we cannot improve”,Introduction and Basic Concepts,Goal of the Firm,Introduction and Basic Concepts,导言及基本概念 Introduction and Basic ConceptsIntroductionFinance OrganizationFinance ActivityOther topics,AVP of Finance Asia Pacific,Regional capabilit
6、ies with local talent leading to organizational capacity and significant savings.,Introduction and Basic Concepts,Asia Pacific Corporate Finance Organization,SZ Fin Official H/C:12 FLDP:1 Fin controller:1 Manager:2Financial analyst:1 Accountant:5Cashier and T&E:1 Statistician:1,Introduction and Basi
7、c Concepts,Plant Finance Structure,Introduction and Basic Concepts,导言及基本概念 Introduction and Basic ConceptsIntroductionFinance OrganizationFinance ActivityOther topics,Introduction and Basic Concepts,AccountingBooking(AP,AR,GL,FA)TaxationStatutory ReportingGroup ReportingControlling CostingReporting(
8、FP&A)Internal Control(SOX and CSA)Policy and Process Optimization,Controller is the one who close the door!,Introduction and Basic Concepts,Business PartnershipVisionStrategyBudgetForecast,OthersTreasuryM&ARisk ManagementInsurance AuditingComplianceHedging.,Introduction and Basic Concepts,导言及基本概念 In
9、troduction and Basic ConceptsIntroductionFinance OrganizationFinance ActivityOther topics,E.g.Fixed Assets1.Transaction2.F/SMonthly closing checklist,Introduction and Basic Concepts,Financial Statement Process,Debits expenses assets,Credits revenue liabilities owners equity,Strategic Plan(annual pro
10、cess Feb to Jun)5 year projections for Sales&Capital Spending and 3 year projection for Operating ProfitProfit Plan(annual process Sept to Dec)By ledger,complete P&L and B/S forecast by month)Includes Cost of Quality,Cost Savings and Economics projectionsRolling Forecast(done each month)By ledger,co
11、mplete P&L and B/S forecast by monthIncludes Cost of Quality,Cost Savings and Economics projectionsFinal ResultsBy ledger,complete variance reporting to forecast(close in 3 workdays),Results are reported by location,by region,by business,by sector and then total company.,Introduction and Basic Conce
12、pts,Planning&Reporting Overview,Operating Results Income Statement,Operating Results Income Statement“Isolating FX vs.Performance”Results,议题-AGENDA,导言及基本概念 Introduction and Basic Concepts资产负债表-Balance Sheet 损益表-Profit&Loss现金流量表 Cash Flow Statement基本财务比率及报表评价 Basic Financial Ratios and Financial Stat
13、ement Evaluation投资评价初步 Basic Investment Appraisal结束部分-Conclusion,资产负债表 Balance sheet,负债,资产=负债+所有者权益,所有者权益,资产,举例:资产负债表-创立一个公司-Example:Balance Sheet-Creation of a company,货币资金:100,所有者权益:100,资金来源何处?Where does cash come from?,资金去向何处?Where does cash go?,为我们创立的公司注入资金100-We create a company by injecting ca
14、sh 100,Cash:100,Equity:100,资产负债表 公司开办 Balance sheet-The company starts,货币资金:40,所有者权益:100,房屋:60,购买房屋花去资金60-We purchase a building paid with cash for 60,Building:60,Cash:40,Equity:100,资产负债表 持续经营 Balance sheet-And it goes on.,货币资金:40,所有者权益:100,房屋:60设备:20,借款融资 20来购买设备-We purchase equipments financed by
15、credit for 20,融资借款:20,Building:60Equipments:20,Cash:40,Equity:100,Financial debts:20,资产负债表 公司成长.Balance sheet-And the company grows.,资金占用USE=200,资金来源 RESOURCES=200,货币资金:40,所有者权益:100,房屋:60设备:20投资:80,融资贷款80收购某个竞争者We acquire a competitor financed by a loan for 80,融资借款-Financial debts:80+20,Building:60E
16、quipments:20Investment:80,Cash:40,Equity:100,资产负债表 负债 Balance sheet-Indebtness,资金占用 USE=200,资金来源 RESOURCES=200,货币资金:40,所有者权益:100,固定资产160,融资借款:100,负债总额=所有者权益Total Financial Debts=Equity,Fixed Assets160,Cash:40,Equity:100,Financial debts:100,资产负债表 经济活动的发展 Balance sheet-Development of the activity,货币资金
17、 Cash:40,所有者权益 Equity:100,固定资产Fixed assets160,融资借款Financial debts:100,用去40向供应商购买零件We purchase components for 40 from suppliers,存货RM:40,供应商 Suppliers:40,资产负债表 经济活动的发展 Balance sheet-Development of the activity,资金 Cash:10(-30),所有者权益 Equity:100,固定资产 Fixed assets160,融资借款 Financial debts:100,.履行合同.We exec
18、ute the contracts,FG/WIP:50(+50),供应商 Suppliers:40,存货 RM:20(-20),为执行生产合同,公司需用去价值20的零件，劳务及其他支出需花费30。劳务费以现金偿付。因此现金减少30。,To execute the contracts,the company needs components for 20 and labour and other charges for 30.The labour is paid with cash.The cash is thus deteriorated by 30.,资产负债表 经济活动的发展 Balanc
19、e sheet-Development of the activity,资金占用 USE=260,资金来源 RESOURCES=260,资金 Cash:10,所有者权益 Equity:100,固定资产 Fixed assets160,融资借款 Financial debts:100,然后我们开发票给客户并购进新的零部件50成本的产品卖了70元,应收帐款Receivable:70(+70),供应商 Suppliers:40,存货 RM:20,公司已向客户开出金额为70的发票。他们将在90天内付款。相应的在产品已经减少了50。因此净收益为20。,净收益 Net Inc:20(+20),WIP/FG
20、:0(-50),资产负债表 经济活动的发展 Balance sheet-Development of the activity,资金占用 USE=300,资金来源 RESOURCES=300,资金 Cash:10,所有者权益 Equity:100,固定资产 Fixed assets160,融资借款 Financial debts:100,然后我们购进新的零部件40元,应收帐款Receivable:70(+70),供应商 Suppliers:80(+40),存货 Inventory:60(+40),净收益 Net Inc:20(+20),资金 Cash:10,所有者权益Equity:100,固定
21、资产 Fixed assets160,融资借款Financial debts:100,麻烦开始了.某些供应商想立刻收到40的付款。我们可以怎么做呢？Troubles begin.Some suppliers want to be paid for 40 immediately.What can we do?,应收帐款 Receivable:70,供应商 Suppliers:80,存货Inventory:60,净收益 Net income:20,资产负债表 经济活动的发展 Balance sheet-Development of the activity,可以给我们你的建议吗?GIVE US Y
22、OUR SUGGESTIONS?,资产负债表 财务解决方案 Balance sheet-What are the financial solutions?,变卖固定资产To sell fixed assets,增加资本To increase capital,取得新贷款 To obtain a new loan,资金 Cash:10,所有者权益Equity:100,固定资产Fixed assets160,融资借款Financial debts:100,应收帐款 Receivable:70,供应商Suppliers:80,存货 Inventory:60,净收益 Net income:20,资产负债
23、表 操作方案如何？Balance Sheet-What are the operational solutions?,资金 Cash:10,所有者权益Equity:100,固定资产Fixed assets160,融资借款Financial debts:100,应收帐款 Receivable:70,供应商 Suppliers:80,存货 Inventory:60,净收益 Net income:20,限制存货-To limit inventory,与客户协商提前收回货款To negociate advanced payments with customers,与供应商协商新的付款计划To nego
24、ciate a new payment plan with suppliers,Balance Sheet,InventoryDOH Gross Inventory vs.Forecast AmountReceivablesDSOPast Due by Bucket(Current,1-30,30-60,etc)Collection EfficiencyGross Receivables vs.Forecast AmountPayablesDPOGross Payables vs.Forecast AmountCapital SpendingActual Spending vs.Forecas
25、t,Variances analysis and commentary required at each month-end and rolling forecast.,Warning:Dont fall in love with DSO,we can try to manipulate DSO to make it higher or lower by increasing or decreasing the amount in different brackets,DOH,Days on Hand Inventory(DOH)is a calculation to determine th
26、e amount of time that is required to convert inventory into sales.What can you do to improve DOH?Reduce machine downtimeReduce scrapReduce set-up timeImprove schedulingImprove plant layoutImprove throughput time,DSO,Days Sales Outstanding(DSO)is a measurement of how much time it takes to convert sal
27、es dollars to cash.Depending on the payment terms for our customers DSO may vary significantly from customer to customer and month to month.What can you to improve DSO?Improve Order Entry processReduce billing errorsReduce quantity related errorsEnsure sales order is correctPrompt Follow-up with cus
28、tomers,Why are DOH&DSO Important?,Both are large components of cash flow.In order to create an increase or positive cash flow you must reduce both.By turning over inventory and receivables faster we receive our sales dollars faster,and therefore borrow less money and pay less interest.One dollar inv
29、ested in Inventory or Receivables is the same as one dollar invested in equipment and as such Shareholders demand the same return on it as they do the equipment.,DPO,Days payable outstanding(DPO)is similar to Accounts Receivable(DSO)Measure of effectiveness of accounts payable and other current liab
30、ilitiesCan be used to partially balance cash requirements to fund accounts receivableCash Flow ImpactHigher=Source of cashLower=Use of cashWhat can you do to improve DPO?Extend the length of payment terms to the vendor.We need to be as aggressive with our vendors as our customers are with us.,Operat
31、ion-DOS,在产品与库存商品-WIP&INVENTORIES项目计划没有考虑到付款标识段 Project planning does not take into consideration payment milestones没有与项目有关的现金曲线图-No cash curve on projects 不能优化生产循环或项目循环-Non-optimization of the production or project cycle依据产品结构进行生产管理及项目管理,而非依据产品需求的驱动 Production,project managed according to a componen
32、t production logic as opposed to a demand-driven logic制造或者购买:购买配件而不是功能 Make or buy:purchase of components instead of functions生产改造没有考虑到现有的存货,在产品,及已有的订单 Production modification without taking into account existing inventories,in-process goods,and purchase orders already issued,Operation-DONTS,应付项目-PA
33、YABLES采购、物流、存货管理间缺乏协调-Lack of co-ordination between purchasing,logistics,inventories management 供应商单方面采取提前交货的方式促使我们提早付款-Early payment triggered by advance delivery at sole initiative of supplier 提早付款是由收到发票引起的,而不是按照约定的购货条件交货引起的-Early payment triggered by receipt of invoice and not by delivery as stip
34、ulated in purchase conditions 供应商延期交货,并且未按程序事先提醒负责谈判的采购员-Delivery late without systematically alerting buyer in charge of negotiation公认的购货条件没有得到应用-Non-application of general purchasing conditions采购部门仅仅以价格为判断依据,而没有考虑到付款条件和条款-Purchasing department judged solely on prices obtained,without taking into a
35、ccount terms and conditions of payment,Operation-DONTS,议题-AGENDA,导言及基本概念 Introduction and Basic Concepts资产负债表-Balance Sheet 损益表-Profit&Loss现金流量表 Cash Flow Statement基本财务比率及报表评价 Basic Financial Ratios and Financial Statement evaluation投资评价初步 Basic Investment Appraisal结束部分-Conclusion,Introduction STD c
36、ost structure,Standard Shinkage Rate,FG Standard Cost,Introduction STD cost rate,Work center cost rate means how much costs needed when occupy the work center for one hour(CNY/hour)Standard cost rate should including the impact of OEE(Overall Equipment Effectiveness),Coverision Cost,Standard Cost Ra
37、te(CNY/Hour),Cycle Timer(Routine Hour),Estimated Total Expenditure(CNY),Est.total working hrs(with OEE),Introduction STD cost components,Introduction STD cost components,几个成本名词,Fixed OHD 固定制造费用Variable OHD 变动制造费用Replacement Cost 重置成本Opportunity Cost 机会成本Sunk Cost 沉没成本,损益表:主要原理-Profit&Loss:Main Princ
38、iples,销售收入SALES,边际贡献Standard Contribution Margin,标准销售毛利Standard Gross Margin(SGM),销售毛利Gross Margin,变动成本,固定成本,Operating Income,SG&A管理费用,损益表:主要原理-Profit&Loss:Main Principles,营业利润OPERATINGINCOME,净收益NET INCOME,财务收入及费用Finanial inc&exp,所得税及递延税金Incomes&Deferred tax,营业外项目Expectional,损益表:主要原理-Profit&Loss:Mai
39、n Principles,销售毛利Gross Margin,固定制造费用及差异FOHD&Var,注意:关键业绩指标 KPIGross Margin,GM%,损益表:主要原理-Profit&Loss:Main Principles,营业收益-OI,固定制造费用及差异FOHD&Var,管理费用SGA,管理费用包含以下内容SGA：Including below contentAdministrationSales and DistributionR&D(Technical),损益表:主要原理-Profit&Loss:Main Principles,营业利润-Operating Income 工厂的主
40、要业绩指标之一One of the major KPI at plant level,注意:关键业绩指标KPI,OI,营业收益-OI,固定制造费用及差异FOHD&Var,管理费用SGA,损益表:主要原理-Profit&Loss:Main Principles,息税前利润 EBITDA=Operating Income+DepreciationEarning Before Interest,Tax and Depreciation 工厂的主要业绩指标之一One of the major KPI at plant level,注意:关键业绩指标KPIEBITDA,EBITDA,营业收益-OI,固定
41、制造费用及差异FOHD&Var,管理费用SGA,损益表:主要原理-Profit&Loss:Main Principles,财务收入及财务费用 包括与以下情况相关的所有成本及收入-Financial incomes and expenses include all costs and revenues linked to:财务利息费用及收入,financial interests and revenues 汇兑损益,exchange differences 收到的股息,dividends received 等等,etc注意:财务费用应该被包括在投标中 Warning:financial cost
42、s should be included in tenders,所得税及递延税款 包括所有的税负,当期和递延Income and Deferred taxes include all taxes,current and deferred,营业外项目 不是经常发生的,除了非常事件并在得到管理部门批准认可之后的项目外 Exceptional items is not to be used,except for extraordinary events and after agreement of the Division,损益表:主要原理-Profit&Loss:Main Principles,净
43、收益 在损益表中的最后一行反映 Net income is the final line of the Profit&Loss其金额为资产负债表的所有者权益部分 This amount is reported in the Equity in the Balance sheet,净收益Net income,财务收入及财务费用Financial Incomes&Expenses,所得税及递延税金Incomes&Deferred tax,营业外项目Exceptional Items,损益表:主要原理-Profit&Loss:Main Principles,Incremental,Increment
44、al is a calculation that determines the breakeven sales point for a given plant,as well as the corresponding fixed and variable cost components at that level.From there we can determine the amount of variable and fixed costs as a percentage of the total costs at that level.An incremental rate is the
45、n determined which can be used as a gauge of how well a plant controls their fixed costs at different sales levels.（增量/边际）,Incremental Rate:盈亏平衡点之上每增加一个销售额，营业利润所增加的数量（也即盈亏平衡点固定成本占总成本的比例）,Incremental,Sets an expectation for operating profit compared to profit plan(prior year,prior forecast,etc.)based
46、 on changes in the sales plan/forecast.Plant is then held accountable to delivering this expectation.It takes out such business and economic factors as selling price changes and foreign exchange translation which are not controllable by the management of the operation.,Why use incremental?,Increment
47、al Calculation,Volume Change x Incremental Rate=additional contribution to operating profit that is expected.Add or subtract selling price changes and exchange translation to determine the total expected operating profit for the period.Compare the expected profit to the actual profit to determine if
48、 the operation is over or under incremental.,Incremental-Example,Plant X determines that their breakeven sales level is$50M in sales dollars per year.At that sales level fixed costs are 40%and variable are 60%of the total cost for the plant.From this information we should then expect that for every
49、additional sales dollar over the breakeven point,the plant should have$.40 in additional operating profit.Why?Because if the fixed costs are covered and variable costs are 60%,then the remainder or 40%should be shown in additional profit.,Incremental-Example,Based on the previous information we know
50、 that Plant Xs Incremental rate is 40%.Plant X had selling price change decreases for the period of$50K and exchange translation effect was$30K favorable compared to forecast.Plant X had increased volume for the period for a total of$500K from the forecast.Actual Operating Profit for the period was
